Elrond Standard Digital Token lands on mainnet, pushing EGLD price closer to breakout


  • Elrond Network’s v1.1.50 update brings EDST and NFTs to the mainnet.
  • The launch of Maiar Exchange’s native fuel and governance token, MEX, further improves altcoin’s ecosystem.
  • EGLD price eyes a 40% upswing as it bounces from a freshly printed demand barrier.

Elrond has brought forth critical developments to its mainnet, which could catalyze adoption. EGLD price seems to be reflecting this bullishness as it bounced off a significant level and forecasts an upswing.

Smart contracts, NFTs and governance token

Elrond released the v1.1.50 update bringing the much-anticipated Elrond Standard Digital Token (EDST) and Non-Fungible Tokens (NFTs) to the mainnet. In a recent announcement, Elrond stated that the new EDSTs would not require developers to deploy smart contracts.

Unlike Ethereum and other smart contract blockchains, the implementation of EDSTs will reduce the digital footprint and cost while increasing the network efficiency and transaction times.

Additionally, the upgrade also includes NFT frameworks for developers and creators to explore.

However, due to the nature of EDSTs, the NFTs built on the EGLD blockchain are fast, secure and have transaction costs that make it easier to mint, manage and transfer.

Maiar, an exchange built using the Elrond architecture, has announced the launch of MEX, an exchange token.

Interestingly, MEX, which is now a part of the Maiar Exchange ecosystem, can be claimed by any user who holds or stakes EGLD.

The announcement reads,

The launch of the MEX token is a major step forward for our ecosystem. The first token on our mainnet will be 100% community owned and governed.

All the updates and significant developments to the Elrond blockchain add value to its fundamentals, making a strong case for investors.

Elrond price begins its upswing

Elrond price has bounced off the 50% Fibonacci extension at $15.39 on the 12-hour chart, suggesting a resurgence of buyers.

Supporting this bounce is the breach of a freshly printed demand zone extending from $153.62 to $177.85.

A successful retest of this area further confirms the 40% upswing and makes the case to retest the swing highs at $216.79 and $245.77.

If EGLD sets up a decisive close above $190.68, it will add credence to the bull rally.

EGLD/USDT 12-hour chart

EGLD/USDT 12-hour chart

On the flip side, if EGLD price fails to hold above the demand zone and invalidates its lower band at $153.62, it would put an end to the bullish thesis and trigger a downtrend.

In such a scenario, Elrond price might slide 14% to revisit the $131.46 support level.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP